Auto Loans in Milwaukee (WI)

Live in Milwaukee?  Need a car loan? You’ve come to the right place. Our industry-leading, statewide network of dealers and lenders is standing by, waiting for your application. The actual application is easy to understand, and it asks fewer details than other services. It takes only three minutes to complete, and 90% of applicants who meet the minimum requirements are approved – often within minutes!  You must be a Wisconsin resident, and have a gross weekly income of $375 a week or more. Meet these requirements? Click the button below to start the process.

Milwaukee Auto Loans with Bad Credit

Do you have a FICO score of 620 or less? Less-than-perfect credit is rarely a deal-breaker for our clients. There isn’t a minimum credit score to worry about, and we can help borrowers at each of the lower credit tiers.

Credit Tier FICO Range
3/C 581-659
4/D 520-580
5/F 250-519

auto loan MilwaukeeA down payment and proof of income will often be considered necessary, but most people who apply through us get approved nearly instantly. If you are a W2 employee, then recent pay stubs will suffice for proof of income. If you’re self-employed, you will need to furnish tax returns from previous years. Your interest rate will be based on your rate of interest. We wish we could give you an accurate estimation, but APR rates vary widely, even for people with poor credit. As you can see in the chart above, “bad credit” is divided into multiple tiers, each of which contains a wide range of scores. We can say that consumers securing a bad credit auto loan in Milkwaukee can expect an APR rate of between 10-20%. Obviously, this is a very wide range, but we hope it will give you an idea of what to expect.

If you have poor credit, you’ll typically have your application placed with a lender or bad credit car dealer in Milwaukee that specializes in special finance scenarios. These companies can and do submit information to the credit bureaus. This is imperative if you want to re-establish your credit. Go here to apply for financingonline! You could be pulling up to a game at Miller Park in your new car or truck before you know it!

Buying a Car in Milwaukee with Zero Down – Possible?

Credit score of 700 or higher? Then you might not have to stress about a down payment. Shoppers with credit problems, however, may need to furnish a down payment. That’s because lenders are concerned with the Loan-to-Value Ratio (LTV). Divide the amount borrowed by the wholesale value of the car or truck. This is the LTV.

Loan Amount Vehicle Value Loan-to-Value
$7500 $10,000 75%
$10,000 $15,000 67%
$12,000 $15,000 80%
$15,000 $17,500 86%
$15,000 $20,000 75%
$20,000 $30,000 67%

Dealers that finance bad credit try to keep the LTV ratio from climbing too high, typically staying in the range of about 70%. That isn’t to say that dealers don’t offer financing for people who don’t have a down payment. Many do.

Alternatively, you could trade in an existing vehicle, and use the funds as your down payment. This is highly common, and even the oldest clunker is typically worth one-tenth of the new vehicle’s price.

How About Those Buy Here Pay Here Lots?

Have you noticed the “Buy Here Pay Here” car lots popping up across Milwaukee? These “BHPH” dealers have been experiencing a boom since the recession, as more and more consumers fear their credit is too low for traditional financing. These dealers are sometimes known as:

  • We Finance
  • Rent to Own
  • Tote The Note
  • Your Job is Your Credit

They offer funding on site, often termed “in house financing.”  Customers who cannot get approved for financing due to seriously bad credit often wind up at these types of dealerships. The loan rates are typically steep, but approval is often guaranteed.

Milwaukee Consumer Profile

Dealers and lenders are interested in a lot more than just your credit rating. Creditors review the following:

  • Ability
  • Job Stability
  • History of Credit

Here are average statistics for residents of Milwaukee, the Brew City.

  • Average Income: $2,109 Per Month
  • Average Car Payment: $232 (11% of Income)
  • Recommended Car Payment: $169 to $211 (8%-10% of Income)

The Cream City is no stranger to credit problems. The chart below shows the estimated number of Milwaukee residents at each credit level.

FICO Score % of Population Residents
300-499 2% 16,420
500-549 5% 41,051
550-599 8% 65,681
600-649 12% 98,522
650-699 15% 123,152
700-749 18% 147,783
750-799 27% 221,674
800-850 13% 106,732

Don’t worry if you’re credit isn’t perfect, we can help nearly any applicant who makes $1500 or more on a monthly basis, no matter what their credit score is. We can also help clients in Racine and Waukesha.